Purpose: I'd do the work, they'd be passive generally, but are non-accredited and are friends.Wanted to make it a bit more formal for folks without getting too complicated with legal work, yet set it up in such a way that makes sense for the future.Thanks in advance!

If you plan to up the rents, a long term tenants may get disgruntled and file formal complaints.

It is really unfortunate as, to make a long story short, I actually previously held the property in my own name for greater than 1 year, and then quit claimed it to the LLC, after which the LLC sold it within a couple of months.And, in answer to Brandon's question, no unfortunately I/We did not consult our accountant prior to taking the action because around the time of the sale, we were transitioning from our old accountant (who really didn't understand the nuances of real estate), so we didn't have a formal accountant for a few months.Lesson Learned:  Accurate Tax Planning & a Knowledgeable Accountant are Invaluable!

I'd be interested to hear what you think... my understanding is that they charge a fee, and so far I've stuck with free options for networking rather than more formal events.

This year alone Europe is formally entering the dark ages.  

Where did you get your contract from and what recommendation do you have in formalizing the legal contract?

However, as you infer in #3 - for liability protection, how you conduct business and observe formalities could make a difference. 

I agree you should not have any issues if you do name yourself and follow all the formalities... just a word of advice since a self-dealing judgement would wreck your retirement plans.

You could move on to put a different property under contract, only to have the bank accept your offer 6 months from now.If you want to get this under control, I'd formally withdraw your offer and resubmit another with a new broker. 

He says that it doesn’t have to be formal but just jotted down for my own reasons.